Twice during the fiscal year, school districts are required to submit a financial report certifying the district's ability to meet its financial obligations for the current and two subsequent years. The reports examine the district's attendance, spending patterns, fund balance, reserve for economic uncertainties, and multi-year projections. Staff will present the 2023-2024 First Interim which reports the district's financial position as of October 31, 2023. 

Resolution No. 2022-2023.72 was approved with the 2023-2024 budget adoption at the June 27, 2023 Board of Education meeting to maintain a prudent level of financial resources  and to comply with the requirements of the Government Standards Accounting Board (GASB) statement number 54. Resolution No. 2022-2023.72 authorized and directed the district Superintendent or designee to finalize the amounts to be committed for the purposes directed within based on the unaudited actual financial report for fiscal year 2022-2023 no later than September 15, 2023. Therefore at the Board's September 12, 2023 meeting, Resolution No. 2023-2024.11 was presented and approved to adhere to that requirement. 

The attached Resolution No. 2023-2024.29 presents updated committed fund balance amounts, purposes and justifications since September 12, 2023, and its adoption by the Board is required as a successor resolution in order to revise the fund commitments as indicated.